Metals X’s Nifty And Renison Projects: Production Increase Reported For December Quarter

  • Jan 15, 2019 AEDT
  • Team Kalkine
Metals X’s Nifty And Renison Projects: Production Increase Reported For December Quarter

Metals X Limited (ASX: MLX) is a diversified metal and mining company based in Perth, Australia. The company is into the exploration of copper, tin, and nickel through its projects located in different parts of Australia. It is the largest tin producer in Australia and holds one of the world's largest undeveloped nickel projects.

MLX owns Nifty Copper Operations (Nifty), which is an underground copper mine situated in the East Pilbara region of Western Australia. The mine has a copper concentration of 2.5 Mtpa. The company acquired the mine by overtaking Aditya Birla Minerals Limited in August 2016. The objective of MLX is to transform the mine into a large scale, long-life mine with an annualized copper production rate of more than 40,000t.

The company has half ownership in Bluestone Mines Tasmania Joint Venture (BMT JV) which runs the Renison Tin Operations (Renison) in Tasmania. This tin mine, located on the west coast of Tasmania, holds a 700,000 tonne per annum tin concentrator plant.

Metals X also owns the Wingellina Nickel-Cobalt Project, a part of Metals X’s Central Musgrave Project, is one of the largest undeveloped nickel limonite accumulations in the world. The Central Musgrave Project covers Western Australia, Northern Territory and South Australia borders.

Today, the company has provided an update over its Nifty and Renison projects. The company has achieved an increase in production on both the projects.

The Nifty project reported a growth of 11% in December quarter as compared to the September quarter with a copper production of 5,177 tonnes in concentrate. The growth was mainly driven by a focus on the areas outside of the Central Zone. MLX reported 372,749 tonnes of ore mined and 376,044 tonnes ore processed with a recovery rate of 92.2% in the December quarter.

The Renison project also reported a growth of 11% in December quarter as compared to the September quarter with a tin production of 1,798 tonnes in concentrate. The growth was driven by an increased mined grade as well as the commissioning and operation of the ore sorter. The company reported 186,243 tonnes of ore mined and 186,330 tonnes ore processed with a recovery rate of 72.3% in the December quarter.

The priority at Nifty was to improve the quality of stope production and increase the productivity of development to enable the opening up of new production areas west, east and north of the Central Zone in 2019. The underground development rate was reported to be more than 500 metres per month during the December 2018 quarter which was more than 150 metres greater than the September 2018 quarter.

Renison key focus is on the balanced development across current production areas and early development of declines towards the newly evolving Area 5 and Leatherwood zones.

Stock performance: Metals X stock has generated a negative return of 37.40% during the past six months. It is currently trading at $0.415 (as on 15 January 2019) with a surge of 1.22% during the day’s performance. The company has ~689.06 million shares outstanding with the market cap of circa $282.51 million. Its 52-week high and low are marked at $0.365 and $1.225 respectively.

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